SunTrust Robinson Humphrey Inc
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The US corporate bond market continued to crank out investment grade deals despite fears of a global recession battering risk assets this week.
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Harley Davidson made heavy weather of strong US bond market conditions on Thursday after a dovish Fed and a month-long rally in spreads appeared to set the dollar market up for a strong run of issuance in February.
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There has been precious little cheer in the dollar market but Anheuser Busch Inbev (AB InBev) provided some on Thursday when it printed the biggest corporate investment grade trade since October amid signs of improving sentiment.
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Four borrowers piled into the dollar bond market on Thursday, adding to one of the busiest weeks of the year despite tough market conditions. UK telecoms company BT led the charge with a $1.35bn two-part deal.
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Volkswagen printed the biggest trade in its history as high-grade corporate borrowers blitzed the dollar market in response to the results of the US mid-term elections.
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The US corporate bond market slowed to a trickle this week with just a handful of smaller deals as desks thinned out ahead of the Labor Day holiday.
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Vodafone was welcomed with open arms in the US as it printed the biggest dollar bond in its history, executing a quick fire acquisition financing.
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GTT Communications, the US cloud networking provider, has mandated banks to arrange a dollar and euro loan of $2.87bn-equivalent for itself and a Dutch subsidiary. The deal will only go through if it completes its acquisition of Luxembourg’s Interoute.
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Funding for leveraged buyouts in the European primary high yield market gained further share of overall issuance this week, as specialty car parts maker LKQ of Chicago sold a €1bn bond for its acquisition of German peer Stahlgruber.
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Two companies made their investment grade bow on Thursday as an improvement in sentiment encouraged borrowers to capitalise on decent conditions and wrap up funding in the final weeks of the year.
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Dollar borrowers failed to take advantage of pent-up demand and tightening spreads as US corporate bond supply recorded a lacklustre end to the month.
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The US investment grade corporate bond enjoyed a huge week of issuance as nine borrowers printed deals on Monday before British American Tobacco delivered $17.25bn on its own on Tuesday and plenty more came on Wednesday and Thursday. Bankers predict another heavy week to follow before supply slows for the traditional summer break.
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Bain Capital’s Diamond, the cleaning chemicals business, had to remove a controversial restricted payment clause before printing the triple-C rated bonds of its new financial structure on Tuesday.
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Just one borrower occupied European high yield bond pipeline at the start of this week giving the impression the market is about to slow for summer. Bain Capital’s hygiene product supplier Diamond, is out on a roadshow.
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US cleaning products maker Diversey has accelerated commitments on its €1.6bn-equivalent of loans, backing Bain Capital’s $3.2bn carve-out of the business from Sealed Air, despite one investor in London expressing concern over the deal’s leverage.
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US pharma research firm Quintiles IMS Holdings printed on Thursday a new €1.4bn high yield bond, proving that European high yield investors are embracing the train of US issuers printing in euros.
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The dollar market ended its record-breaking run of issuance this week as uncertainty around the outcome of the UK referendum vote caused buyers to take flight and spreads to widen.
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Samsonite International has signed a credit agreement with its lenders for the $2.425bn financing it took out to back its takeover of premium luggage maker Tumi, according to a company filing.
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Hong Kong-listed Samsonite International has wrapped up syndication of a $2.425bn loan for its acquisition of premium luggage maker Tumi.
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Georgia Power has become the second investment grade US utility — and the second Southern Company subsidiary — to issue a green bond, as its peers assess the instrument’s potential.